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The Reserve Bank of India (RBI) on Friday suggested that the Union and state governments reduce taxes on petroleum products to provide some relief to customers who are paying record high prices for petrol and diesel. “Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the Centre and the states could ease the cost-push pressures,” the Monetary Policy Committee (MPC) said. The statement comes a few days after the Centre imposed an agricultural infrastructure and development cess on petrol and diesel at the rate of Rs 2.5 an...

Budget 2021 | Nirmala Sitharaman has managed to surpass sky-high expectations Budget 2021 has done enough to pull the economy out of the impact of COVID-19 and improve India’s medium-term growth prospects Sameer Narang Representative image (PC- MoneyControl.Com) Never have expectations been so high with the Union Budget. To give credit, Finance Minister Nirmala Sitharaman has managed to surpass sky-high expectations. Capital spending has been revved up without raising taxes. The minister will borrow to fund growth. The economic rationale is to cr...

In Charts: Early Data Suggests A Good Beginning For The Indian Economy In 2021 Jan 19 2021, 8:50 AM January 19 2021, 8:50 AM January 19 2021, 8:50 AM Economic activity in India had held up well after the festive boost, kicking off 2021 at a pace comparable with the last few months.Positive pandemic-related developments — both, on cases and vaccination — are helping clear the decks for a faster pace of economic normalisation, said a research note by Nomura dated Jan. 18, 2020. Aggregate demand is fast catching up with aggregate supply and GDP growth is likely to return to positive ....

In tandem with its retail counterpart, wholesale inflation rate softened to a four-month low of 1.22 per cent in December from 1.55 per cent in November as food items entered the deflationary zone. However, core inflation (which does not include food and fuel items) rose to a two-year high of 4.2 per cent on metal and commodity prices that may not allow the monetary policy committee of the Reserve Bank of India to go for any further rate cut in February. This was despite consumer price inflation rate declining to a 15-month low of 4.6 per cent. In that sense, there are diversionary trend i...

Investor aversion and strained government finances could complicate the capital plans for some Indian banks, particularly state-owned ones, after the central bank's latest stress tests indicate that some lenders' capital could fall below minimum regulatory requirements this year in the aftermath of the coronavirus pandemic. As forbearance measures to help businesses and individuals survive the pandemic end on March 31, analysts expect nonperforming assets to spike later this year. The Reserve Bank of India, or RBI, reiterated that, overall, banks have sufficient capital even in the seve...